Karachi: Tata Textile Mills Limited has reported a significant decline in its financial performance for the quarter ending September 30, 2024. The company posted a loss of PKR 115.24 million, marking a substantial downturn from the PKR 320.41 million loss reported in the corresponding quarter of the previous year.

According to information available from the Pakistan Stock Exchange (PSX), Tata Textile Mills Limited saw a decrease in revenue from contracts with customers, totaling PKR 11.91 billion, down from PKR 13.57 billion in the third quarter of 2023. The company's gross profit for the quarter stood at PKR 550.46 million, a decline from PKR 899.23 million year-over-year.

The decrease in revenue and profit was attributed to higher costs of goods sold, which amounted to PKR 11.36 billion, as well as increased financial costs, which rose significantly to PKR 803.57 million from PKR 1.12 billion in the previous year. Despite these challenges, the company managed to report some positive figures, including a slight increase in other income, totaling PKR 606.30 million, up from PKR 472.80 million in the prior year.

For the quarter, the company's earnings per share also reflected the financial struggles, registering a loss of PKR 2.06 compared to a loss of PKR 5.72 per share in 2023. This period's financial performance underscores the ongoing challenges faced by Tata Textile Mills Limited in maintaining profitability amid fluctuating market conditions.

Tata Textile Mills continues to navigate through the economic pressures with strategic adjustments to its operational and financial management to mitigate the impacts of increased costs and declining revenue.